The Dow Jones industrials futures were slightly higher on Tuesday, while the Nasdaq and S&P 500 plunged after investors opened the trading week with wild up and down moves once again. The Nasdaq was absolutely pounded, down almost 2.5%, the S&P 500 closed lower for the fifth consecutive day, while the Dow posted a new all-time intraday high and then barely closed positive.
One very promising item for investors is the transportation index hit a new all-time high Monday, and that often is a harbinger for an improving economy and a continued bull market run. However, top analysts on Wall Street continue pointing to “bubble” metrics, like the massive retail stock and option trading, huge hedge fund leverage and IPOs that don’t make money as examples, and many are urging caution.
While fourth-quarter earnings results are almost complete, most across Wall Street still are not only examining the results but also looking to see what guidance for the balance of the first quarter and the rest of the year looks like. With stocks very overbought, major Wall Street firms are warning of an impending 5% to 10% correction, so it makes sense now for investors to start building some cash reserves while repositioning portfolios for the rest of 2021.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen on Tuesday February 23, 2021.
Advance Auto Parts Inc. (NYSE: AAP) was raised from Underperform to Neutral with a $175 price target at Atlantic Equities. The posted consensus target is $177.07. The stock closed Monday at $167.70.
Dillard’s Inc. (NYSE: DDS) saw its target price raised to $80 from $54 at Telsey Advisory, which maintained a Market Perform rating on the retailer. The much lower $49 consensus compares with Monday’s $80.85 closing price.
Dish Network Corp. (NASDAQ: DISH) was downgraded to Hold from Buy at Pivotal Research, which also lowered the price target to $34 from $42. The consensus target is $40.52. The last trade on Monday came in at $32.26, after shares retreated over 4% for the day.
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